From my personal perspective, it can be summed up in four words: "pain and joy."

I certainly did not expect Trump to reintroduce the Greenland tariffs, but the market's dynamics in the first quarter must be related to Trump's tariffs, primarily due to the Supreme Court's ruling on Trump's overall tariffs.

If the Supreme Court rules that Trump's IEEPA tariffs are invalid, then the Greenland tariffs are likely also invalid, so the focus on the specific Greenland tariffs is on the Supreme Court's ruling.

Of course, Bessent said that the Supreme Court will definitely support Trump's tariffs. If there was any possibility I believed in before, it was regarding the tax refunds; however, the Greenland tariffs will likely cause the Supreme Court more headaches and may even delay the announcement of the final ruling on Trump's tariffs.

So the pain may lie in the dynamics, which bring greater uncertainty, and uncertainty means that the volatility in the risk market will expand. The joy is that if there is indeed a significant drop, one could consider buying the dip, as the dynamics in the second half of 2026 will revolve around trust in the Federal Reserve Chair and the midterm elections.

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